Use the information below to answer the question that follows: Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate...

Question 1 Report

Use the information below to answer the question that follows:

Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch.

Stock at branch 1st January at cost ₦400
Goods sent to branch at cost ₦8000
Returns to head ₦340
Cash sales ₦9160
Stock at branch 31st December at cost ₦720

What is the gross profit carried to the profit and loss account?

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